Silver declined to $52.616 from its daily opening level of $53.983, a decrease of approximately 2.53% since the open. The metal traded between an intraday high of $54.593 and a low of $52.028, producing a range of $2.565. The latest price remains below the previously marked $52.663 downside reference.
The anticipated corrective recovery has failed to materialize, marking a significant departure from the October 28 outlook, which favored a rebound in purple wave (iv) toward the 38.2% Fibonacci retracement near $56.20. Instead, Silver extended its decline below $52.663, while the updated 4-hour chart places blue wave v near the latest lows and identifies purple wave (iii) at the lower-degree sequence's termination area. Purple wave (iv) is now marked near the subsequent recovery, followed by renewed weakness that has carried prices beneath the previous downside reference. The immediate Elliott Wave projection allows for a limited rebound before another decline, rather than a sustained corrective advance. The revised chart identifies $54.637 as the scenario invalidation level, replacing the previously cited $58.505 reference. As long as the annotated bearish scenario remains valid, the blue projection favors continued downside movement after the anticipated short-term recovery. The next decline remains conditional, however, and the chart does not specify a new numerical target below the latest low.
Technical Summary of Silver Price for October 29, 2026
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Trend: Bearish.
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Current Elliott Wave: Blue wave v and purple wave (iii) labeled near the lower sequence; purple wave (iv) subsequently marked.
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Key Support Levels: $52.663, already breached; $52.028 intraday low.
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Key Resistance Levels: $54.637, marked scenario invalidation.
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Next Price Target: Further downside following the projected brief rebound; no exact new target specified.
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Invalidation Level: $54.637.
Trader's Question: Has Silver's bearish Elliott Wave sequence ended?
The chart does not confirm a sustained bullish reversal. Its blue projection anticipates a temporary rebound followed by renewed downside movement, while $54.637 remains the marked invalidation level.